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Take Your Business To The Next Level
MGMA Small Talk: Make Sure Your Compensation Plan is Aligned with Your Group’s Goals in Bath, NY 14810 - ACS Facility Services.
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One day, you want to have the kind of company you dreamed of. You know what I’m talking about — profitable, growing, impactful, a solid leadership team, and life giving instead of life sucking. Well, don’t lose hope. That dream can become a reality and many companies out there are living proof.
However, to get from where you are now to where you want to be, you need a plan. In this article and the three that will follow, I am going to lay out that plan — the proven process you need to follow to scale up and build the company of your dreams.
Someone once said that a key to success is beginning with the end in mind. Whether you are going on a diet, planning for an upcoming race, or leading a sports team, you must have an idea of what you want to accomplish. This end goal helps you build the plan that leads to your goal. Without vision, you will have no destination to keep you from veering into mediocrity. As one Bible verse puts it, “Without vision, the people perish.”
According to Jim Collins, Stanford business professor and author of “Good To Great,” vision consists of two parts: core ideology and envisioned future. Core ideology is the identity of your company, the essence of who you are. Consisting of your core values and purpose, this is the foundation upon which you build your organization. Collins calls this the guiding star, something that is always pursued but never reached. It is important to note that your purpose and core values are not something you create, but rather something you discover.
Core values are the standards you hold so dear, that you would rather lose money before violating them. Your core purpose, on the other hand, is the reason you exist as a company. And trust me, cleaning buildings is not your reason for existing. That does not get you and your team out of bed each morning. Your purpose is something deeper, something that would hold true even if our industry went out of existence.
The envisioned future is the 10-to-15-year goals you want to achieve along with a vivid description of what that future would look like. The picture of this future gives your team a taste of what success would look like and the motivation to pursue it. Maybe you want to be a $5 million company with three branch offices that profits 10 percent and gives away $100,000 a year to charity. Whatever your vision, write it down. Help your people get a taste of what victory would mean.
If you and your company leadership can establish this vision, put it on paper, and make it the core of your company, then you are on your way to scaling up. You’ve got an end goal, a guiding ideology, and are ready to take the next step.
Jordan Tong is a BSC consultant and founder of Elite Business Coaching, in addition to being a third-generation owner of Frantz Building Services based in Owensboro, Kentucky. For more information on his coaching services, visit www.elitebusinesscoaching.net.
